Disclosures & Disclaimers

Hilary Kramer's Inner Circle is a monthly newsletter which, along with its related publications, website, and other services (collectively, the "Newsletter"),
is edited by Hilary Kramer, published by InvestorPlace Media, LLC, and offered to the general public on a subscription basis.

Newsletter subscribers will receive the benefit of Hilary Kramer's commentary, analysis, opinions, advice and recommendations. The Newsletter is impersonal
and does not provide individualized advice or recommendations for any specific subscriber or portfolio.

The Editor does not directly own the securities which are the subject of the commentary, analysis, opinions, advice, or recommendations in, or which
are otherwise mentioned in, the newsletter. However, the Editor indirectly owns many of those securities through mutual funds and hedge funds that her management company operates.

Investing involves substantial risk. Neither the Editor, the publisher, nor any of their respective affiliates make any guarantee or other promise
as to any results that may be obtained from using the Newsletter. While past performance may be analyzed in the Newsletter, past performance should not
be considered indicative of future performance. No subscriber should make any investment decision without first consulting his or her own personal financial
advisor and conducting his or her own research and due diligence, including carefully reviewing the prospectus and other public filings of the issuer.
To the maximum extent permitted by law, the Editor, the publisher and their respective affiliates disclaim any and all liability in the event any information,
commentary, analysis, opinions, advice and/or recommendations in the Newsletter prove to be inaccurate, incomplete or unreliable, or result in any investment
or other losses.

The Newsletter's commentary, analysis, opinions, advice and recommendations represent the personal and subjective views of the Editor, and are subject
to change at any time without notice.

The information provided in the Newsletter is obtained from sources which the Editor believes to be reliable. However, the Editor has not independently
verified or otherwise investigated all such information. Neither the Editor, the publisher, nor any of their respective affiliates guarantees the accuracy
or completeness of any such information.

The Newsletter is not a solicitation or offer to buy or sell any securities.

Subscribers may submit questions to the Editor by e-mail to subscriber@kramersinnercircle.com.
However, since the Newsletter is impersonal and does not provide individualized advice for specific subscribers, the Editor can only answer questions
of a general nature about the markets or specific securities. The Editor will make every effort to answer subscriber questions on our website (www.KramersInnerCircle.com)
or in the pages of an upcoming issue of the Newsletter.

Neither the Editor, the publisher, nor any of their respective affiliates is responsible for any errors or omissions in any Newsletter.

Any subscriber who would like a copy of these "Disclaimers and Disclosures" may request a copy by calling 877-694-5196 or writing to InvestorPlace
Media, LLC, 700 Indian Springs Drive, Lancaster, PA 17601, Attention: Disclosure, whereupon a copy will be mailed or faxed to such subscriber.